IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

Global marine underwriting premiums fell by 9% in 2016 to $27.5bn, following a similar fall the previous year, according to the latest annual statistical report on the marine insurance market by the International Union of Marine Insurance (IUMI). The hull sector saw a 10% fall in premium income to $7bn, while the cargo sector fell by 6% to $15bn. The…

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Insured loss estimates from Hurricane Irma are lower than initially feared, with the latest placing costs at around $25bn. Experts predict that losses from Hurricanes Irma and Harvey will not shift global insurance market pricing. Yesterday, risk analysis firm Karen Clarke & Co estimated that insured losses from Hurricane Irma will total $25bn, with $18bn of that figure resulting from…

Cyber and large risks to occupy marine insurers at IUMI’s Tokyo conference

Cyber and large risks to occupy marine insurers at IUMI’s Tokyo conference

Cyber and large risks to occupy marine insurers at IUMI’s Tokyo conference

As marine underwriters head to Japan for their annual gathering next week, storm losses, digitalisation and increasing exposures will be front of mind. The International Union of Marine Insurance’s (IUMI) annual conference kicks off next week in Tokyo, hot on the heels of Hurricanes Irma and Harvey that caused devastation across the Caribbean and the southern US states of Texas,…

UK P&I Club launches gaming app to boost loss prevention

UK P&I Club launches gaming app to boost loss prevention

UK P&I Club launches gaming app to boost loss prevention

UK P&I Club has launched a gaming app called Risk Ahoy, which offers players 38 levels through which to navigate their ship and overcome risks and on-board hazards. The app aims to help improve loss prevention among shipping crews. The game, launched to coincide with International Shipping Week, is available on iTunes and Google Playstore. UK P&I Club said it…

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Consultant Deloitte has officially unveiled its Asia-Pacific blockchain lab and chosen Hong Kong as its home. The lab is designed to implement and deploy distributed ledger technology (DLT) or blockchain-related projects for corporate clients, many of which are from the insurance sector. The opening of the lab follows Deloitte’s recent collaboration with the island’s financial watchdog, the Hong Kong Monetary…

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft accounted for 10% of all claims recorded by transport and logistics insurer TT Club during the past 10 years, and continues to cause considerable loss to insureds and their insurers. Mike Yarwood, senior loss prevention executive at TT Club, said cargo theft is widespread. As well as a financial loss, cargo theft damages reputation and disrupts the supply…

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Insured US loss estimates from Hurricane Irma have fallen as the storm headed west and reduced to a category 1 storm, but the insurance industry is still expected to face a hefty bill. Industry experts say losses from Hurricanes Irma and Harvey will hit the insurance industry’s profits but are unlikely to cause a market-wide hardening. Air Worldwide said today…

EY and Guardtime launch marine insurance blockchain platform

EY and Guardtime launch marine insurance blockchain platform

EY and Guardtime launch marine insurance blockchain platform

Consultant EY and software security firm Guardtime have launched what they claim is the world’s first blockchain platform for marine insurance. The project also involves a number of other partners including shipping firm AP Møller-Maersk, Microsoft, insurers MS Amlin, Willis Towers Watson and XL Catlin, and ACORD, the insurance industry’s non-profit data standards body. The as yet unnamed platform, which…

No rate increases for German buyers, says Mahnke

No rate increases for German buyers, says Mahnke

No rate increases for German buyers, says Mahnke

Increased capacity within industrial insurance from new carriers means German companies will continue to enjoy current market conditions and not face rate increases, Alexander Mahnke, president of the GVNW, told delegates during his opening speech at the association’s symposium in Munich yesterday. “Rate increases are not reckoned with,” said Mr Mahnke, who is also head of insurance at Siemens. Despite…

Marsh unveils new global management structure and divisions

Marsh unveils new global management structure and divisions

Marsh unveils new global management structure and divisions

Marsh has announced a new global management structure that includes newly-formed Global Placement & Specialties and Global Risk & Digital (GR&D) divisions. The broker has also made new appointments to Marsh International and its executive team. Marsh’s new Global Placement & Specialties division encompasses its insurance placement activities as well as its global industry and practice specialties. Dean Klisura is…

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